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Despite this, 58% feel that there is stigma towards mental health.
New research has revealed that the overall wellbeing of consumers in Singapore has not shown improvement from the previous year.
In particular, the country's wellbeing scored a total of 61.5 on the Holistic Wellness Index in 2024, almost on par with the 61.7 scored in 2023.
The second edition of the AIA Live Better Study 2024 investigates the current state of wellness, goal-setting behaviour, commitment, level of challenge within each key facet of wellness. As part of this, the Holistic Wellness Index was formulated on the premise that Singapore consumers' perspectives towards happiness in life is multi-faceted and spans physical, financial, mental, social and spiritual aspects which help them to live healthier, longer, better lives.
Talking about the findings, Irma Hadikusuma, Chief Marketing and Proposition Officer, AIA Singapore, highlighted that challenges of an imperfect state of wellness are reflected in the daily struggles of many, from managing stress to grappling with the rising cost of living.
Particularly, mental wellness was identified amongst Singapore consumers as an important aspect of wellness across the five facets — approximately one in two (51%) Singapore consumers indicated that they prioritise mental wellness more now compared to before the pandemic.
In line with the above, three in five (59%) believe that they need or might need more resources or support for mental wellness. The top key resources or support that were indicated as most helpful in addressing mental health challenges in Singapore were:
- affordability (66%)
- accessibility (53%)
- presence of workplace initiatives (51%)
The study also identified that more concerted efforts are needed by all parties to support mental wellbeing in Singapore. Approximately six in 10 (58%) Singapore consumers feel that there is stigma towards mental health, with this being most prominent amongst Gen Zs (73%).
While approximately two in five (37%) consumers facing mental health challenges feel that they can cope on their own, two in five (42%) cited high costs as a main barrier stopping them from seeking professional help. Three in 10 (32%) think that their mental health does not require professional support.
Interestingly, the study explored the possibility of using teleconsultations as an alternative for mental health services in Singapore. Currently, approximately half of Singapore consumers (47%) expressed a high likelihood of seeking mental health help through teleconsultation, citing convenience (45%), quick and easy access to support during times of crisis or urgent need (40%), and flexibility in scheduling appointments (37%) as benefits of mental teleconsultation services.
A gap remains between financial goals and tangible steps taken to achieve these goals
There is muted optimism observed among Singapore consumers in 2024 when it comes to the nation's economy — roughly six in 10 (58%) indicated that 'financial readiness in the long run' is more important to them as compared to last year.
As consumers set financial goals, close to 70% are struggling to achieve financial wellness. The study also suggested that more commitment in dedicating time and effort could be taken to help achieve financial wellness, given that only one in two (55%) are actively taking steps to stay informed on financial planning, seeking professional financial advice (52%). Further, two in five (41%) are using excel for their financial planning.
At the same time, 72% also believe that they have emergency funds set aside for the future events. However, when looking at AIA Singapore's recommendation of six to twelve months' worth of emergency savings, only 29% of Singapore consumers have sufficient funds set aside.
Health screenings as a proactive approach to physical wellbeing
Interestingly, fewer Singapore consumers scored themselves between seven-10 (out of 10) on their level of physical fitness (60%) in 2024, compared to 61% last year. While more than four in five (82%) are aware of the need to do healthcare screenings recommended for their respective age groups, only half (56%) of Singapore consumers are committed to regular check-ups, and 54% are more willing to spend on regular health check-ups.
Lastly, the study identified that Singapore consumers' social and spiritual have remained relatively stable over the past year, with three in five believing that they are doing well in terms of social or spiritual wellness.
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